Colombo market opens week strong with broad-based gains

By Almas Equities Research

The Colombo stock market commenced the week on a bullish note, with both indices closing firmly in positive territory amid improved turnover and sustained investor interest. The upward momentum was largely supported by renewed buying in banking sector counters, as investor confidence strengthened during the ongoing earnings season, providing clearer signals for value-driven positioning.

Market activity was led by the Banking sector, which recorded a turnover of LKR 1.88 Bn with a trading volume of 24.23 Mn shares. SEYB.X emerged as the top contributor within the sector, generating LKR 0.69 Bn in turnover with 9.14 Mn shares changing hands, reflecting strong investor participation.

At the close, the ASPI gained 190.27 points, rising 0.80% to settle at 23,900.11, while the S&P SL20 advanced 91.60 points, up 1.38%, to close at 6,710.33. Total market turnover stood at LKR 5.63 Bn, supported by a share volume of 243.77 Mn shares, indicating healthy liquidity conditions throughout the session.

Crossings contributed LKR 0.63 Bn, accounting for 11% of total turnover, with the largest block trade recorded in SEYB.X amounting to LKR 0.21 Bn involving 2.81 Mn shares. Despite the overall market advance, breadth remained slightly negative with 96 gainers against 135 decliners, suggesting selective buying across counters.

Among index movers, HNB.N led the positive contributions, followed by SAMP.N, COMB.N, DOCK.N, and NDB.N, supporting the upward movement of the indices. On the downside, RICH.N weighed on the market, alongside CARS.N, NHL.N, BIL.N, and SPEN.N, partially offsetting gains.

In notable trading activity, KZOO.N recorded strong investor interest, posting a turnover of LKR 0.22 Bn with 8.31 Mn shares traded, accompanied by a price appreciation of 18.98%, highlighting continued momentum in selected counters.